Team Members Profile

Bradley J. Schafer

Chairman, Chief Executive Officer

EMAIL: bschafer@sr-re.com DIRECT DIAL: 612.359.5840 Bradley J. Schafer serves as Chairman and Chief Executive Officer. Mr. Schafer is a Founding Principal of Schafer Richardson and has over 30 years of commercial real estate experience. Mr. Schafer focuses on debt/equity capital formation, syndication, investment selection, and management oversight. Prior to forming Schafer Richardson, Mr. Schafer was Vice President with Griffin Real Estate Company as a leasing and investment specialist for 10 years. He is a member of the National Association of Realtors, the Minneapolis Association of Realtors, Sensible Land Use Coalition, and the Urban Land Institute.

Steven G. Norcutt

Director, President, Chief Operating Officer

EMAIL: snorcutt@sr-re.com DIRECT DIAL: 612.359.5859 Steven G. Norcutt serves as Director, President, and Chief Operating Officer of the company. Mr. Norcutt joined Schafer Richardson in 2009 as Principal and Chief Operating Officer. Mr. Norcutt has over 30 years of experience in financial management, portfolio management and mortgage origination. Prior to joining Schafer Richardson, Mr. Norcutt served as Senior Vice President/Portfolio Manager of Structured Finance with ReliaStar (ING) for over 13 years. Mr. Norcutt serves on the Board of Directors of a NASDAQ member firm, New York Mortgage Trust (NYMT). With NYMT he chairs the Compensation Committee and serves on the Audit and Governance Committees. Mr. Norcutt is a member of the Urban Land Institute, National Association of Office and Industrial Properties, Sensible Land Use Coalition, and the Mortgage Bankers Association.

N. Christoper (Kit) Richardson

Director, Secretary

EMAIL: krichardson@sr-re.com DIRECT DIAL: 612.359.5841 N. Christopher (Kit) Richardson serves as Director and Secretary of the company. Mr. Richardson is a Founding Principal of Schafer Richardson and a licensed Architect with over 44 years of experience in commercial real estate, real estate development, and architecture. Prior to forming Schafer Richardson, he was Vice President with Griffin Real Estate Company as an investment and land sales specialist for eight years. Prior to that, Mr. Richardson co-founded Architectural Associates, Inc., a Minneapolis based design firm with a focus on commercial interiors, in-fill urban projects, and historic preservation. He began his architectural career in the office of Ralph Rapson & Associates, having been a graduate program teaching assistant under Mr. Rapson at the University of Minnesota. He is a member of the American Institute of Architects, Urban Land Institute, the Sensible Land Use Coalition, Lambda Alpha Minnesota, and the Minneapolis Park and Recreation Board’s Tree Advisory Commission.

Jim Hansen | SR Realty Trust
James W. Hansen

Director

Jim Hansen has been President of Hill-Murray High School since 2015. Prior to joining Hill Murray he was Chairman of the Board of JAMF Holdings and Reliable Property Services. Mr. Hansen was formerly Chairman and CEO of a publicly traded technology company, President of a privately held medical services company, Senior Vice President of Washington Square Capital; Vice President of the Apache Corporation; and a Management Consultant. Jim has been a strong supporter and contributor to civic and non-profit organizations. He has served as Chairman for the Freshwater Foundation, President of the St. Paul Jaycees, a member of the Young Presidents Organization (YPO), a board member on the St. Paul Chamber of Commerce and Solid Ground Shelter as well as the Mahtomedi School Board. He also served as lead director on two publicly traded and two private companies in technology. Jim has been recognized as a Distinguished Alumni of the Year by the University of Minnesota and taught at the University of St. Thomas. Jim holds a BA in Physiology and a BS in Physics; both from the University of Minnesota, as well as an MBA from the University of St. Thomas.

Dave Smith | SR Realty Trust
David W. Smith

Director

Dave Smith invested in Buddy’s Kitchen, Inc. in September 2007 and became its CEO at that time. After a decade of rapid growth, Buddy’s was sold in late 2017 to a publicly-traded Canadian food company, with Dave remaining as its CEO. Prior to Buddy’s, Dave led Mark VII Equipment as CEO and was a founding manager of Nationwide Electric - both private equity-backed firms that concluded with successful exits. Earlier in his career, Dave led companies in the manufacturing and commercial real estate industries. Dave earned his MBA at Harvard and his BA at Macalester College. He has been married to Lisa for 34 years, has three grown children, and works diligently at staying young at heart.

Gregory J. Springer

Treasurer

EMAIL: gspringer@sr-re.com DIRECT DIAL: 612.305.7081 Gregory J. Springer serves as the Company’s Chief Financial Officer and Treasurer. Mr. Springer joined Schafer Richardson in 2014 and oversees the financial and administrative aspects of the business. His responsibilities at Schafer Richardson include accounting, planning, treasury, risk management, human resources, employee benefits, technology and transaction processing. Before joining Schafer Richardson, Mr. Springer served as the Chief Financial Officer of a privately-held distributor of mid-range computer solutions, and previously held senior financial positions at United Health Group and Arthur Andersen LLP. Mr. Springer has developed an expertise in a broad array of financial and operational activities with a strong orientation to effective business processes, policies and controls. He is a licensed Certified Public Accountant (inactive) and has extensive experience in public reporting, acquisitions and integrations, and banking relationships.

Evan C. Richardson

Vice President

EMAIL: erichardson@sr-re.com DIRECT DIAL: 612-359-5849 Evan C. Richardson currently serves as Vice President of SR Realty Trust. Mr. Richardson joined SR Realty Trust’s parent company, Schafer Richardson, in 2013. In that capacity he leads the company’s efforts to structure and capitalize new initiatives, investment funds, single-asset partnerships and joint venture activities. Today, Mr. Richardson is responsible for all capital markets activities within SR Realty Trust. Prior to joining Schafer Richardson, Evan was a member of the Capital Markets Group at Cushman & Wakefield (formerly NorthMarq). During his tenure, the Capital Markets Group listed, sold, or consulted on more than nine million square feet of commercial real estate representing approximately three quarters of a billion dollars of aggregate value. Mr. Richardson is a member of the National Association of Office and Industrial Properties and the Urban Land Institute.

Laura J. Hanneman

Investor Services Manager

EMAIL: lhanneman@sr-re.com DIRECT DIAL: 612.305.7083 Laura J. Hanneman joined Schafer Richardson and SR Realty Trust in 2018 as a member of the Capital Markets team and is the Investor Services Manager. In this role, Laura works on all aspects of the Company’s investor relations, equity sales, and marketing efforts. Most recently, Laura was a part of the Minneapolis Multi-Family Investment Sales team at CBRE. She brings nearly two decades of commercial real estate experience and involvement in over four billion dollars of investment sales to Schafer Richardson and SR Realty Trust. Laura holds a Bachelor of Science degree in Marketing and Management from St. Catherine University.

Kelsey R. Gregory

Director of Asset Management

EMAIL: kgregory@sr-re.com DIRECT DIAL: 612.314.1594 Kelsey R. Gregory joined Schafer Richardson as Director of Asset Management in 2017. She is responsible for investment management and operational oversight to support the financial and strategic goals of SR Realty Trust. Kelsey has asset managed over 9.5 million square feet of all property types with over $850 million in aggregate value, both locally and nationally. Her experience encompasses all facets of property ownership, including financial and property management, acquisitions, dispositions, valuation and underwriting and leasing. Kelsey holds Bachelor of Science degrees in Financial Management and Real Estate Studies from the University of St. Thomas. She is actively involved in National Association of Office and Industrial Properties (NAIOP) and currently holds the Board position as Treasurer for the Minnesota Chapter.

Shanna Strowbridge | SR Realty Trust
Shanna L. Strowbridge

General Counsel

EMAIL: sstrowbridge@sr-re.com DIRECT DIAL: 612.314.1697 Shanna Strowbridge serves as General Counsel for Schafer Richardson and SR Realty Trust. Shanna has nearly twenty years of experience in commercial real estate transactions and leasing matters in both the private practice and in-house counsel settings. She represents our development and acquisition teams in the purchase, sale, development, financing and structuring of master-planned communities and projects. She enjoys working in-house where her business perspective and acumen can be used to identify, understand and assist in resolving the company’s legal and business concerns, as well as provide advisory services to the organizations’ Board of Directors. Her extensive experience within the Twin Cities real estate industry is a valued asset to Schafer Richardson as is her expertise in handling entitlement of projects, property management matters and drafting construction contracts. Shanna received her Bachelor of Arts and Juris Doctorate from the University of Minnesota-Twin Cities.

Mitchell H. Cox

Associate General Counsel

EMAIL: mcox@sr-re.com DIRECT DIAL: 612.314.1591 Mitchell H. Cox serves SR Realty Trust and Schafer Richardson as their General Counsel. Mitch brings to us over 36 years of general corporate, business, real estate, merger and acquisition, and construction law experience. This enables Mitch to advise and assist in all aspects of entity formation, organization, financing and capital structuring. In the real estate area, Mitch handles a broad range of transactions, including the acquisition, financing, development, construction, leasing, management, operation, sale and other disposition of projects. Prior to joining Schafer Richardson, Mitch was a shareholder with Moss & Barnett, A Professional Association, a mid-sized law firm headquartered in Minneapolis, Minnesota. At Moss & Barnett, Mitch served as the Chair of its commercial department and the head of its business law practice group. While in private practice, Mitch was listed in Minnesota Super Lawyers, including the “Top 40 Business and Commercial Transactions” and the “Top 100” lists by its predecessor publication, Minnesota Law & Politics.

Dan Ruehl | SR Realty Trust
Dan K. Ruehl

Acquisitions Analyst

EMAIL: druehl@sr-re.com DIRECT DIAL: 612.359.5857 Dan K. Ruehl joined Schafer Richardson in July 2018 and serves as the Acquisitions Analyst for SR Realty Trust. He is responsible for finding, underwriting, due diligence and closing the acquisition of properties, along with reporting functions for SR Realty Trust. Prior to joining Schafer Richardson, Dan was a Real Estate Manager with CBRE where he managed over 2 million square feet of retail, office and industrial real estate and did site inspections on another 5 million square feet of big box retail spaces. Dan earned two Bachelor of Art degrees in Accounting/Finance and Business Administration from Saint John’s University. He is a member of the National Association of Office and Industrial Properties (NAIOP) and Minnesota Shopping Center Association (MSCA).